What you should know about income tax refunds After income tax returns are filed by assessees, they are processed by the income tax authorities at the Centralised Processing Centre (CPC) in Bengaluru. After processing the returns, if any income tax refunds is payable to the assessees, the refund orders are generated by the departments and […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Tax Audit Sec 44AB limit for Business is 1 Crore or 2 Crore? The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs. 5 crores to Rs. 10 crores where cash transactions do not exceed 5% of total transactions.
Inventory Audit – Importance and procedures What is an Inventory Audit? Inventory audit also referred to as stock audit, refers to an accounting process which takes into account a company’s total stock of physical goods. This is especially needed in manufacturing companies where raw materials need to be converted to finished goods and is a […]
How you can activate your deactivated PAN Procedure to Reactivate Your PAN 1. Once, Permanent Account Number is de-activated by department, income tax e-filing login of assessee also gets blocked 2. To Activate your Permanent Account Number again do following: a. Write an Application to your AO (in duplicate) for activation of your PAN. Following […]
PAN have been deactivated – how to check your PAN is active or not Minister of State for Finance Santosh Kumar Gangwar informed the Rajya Sabha in written reply that as on July 27, 11,44,211 PAN have been identified and deleted or de-activated where multiple PANs were found as allotted to one person. In any […]